HomeMy WebLinkAboutC2021-057 - 1/11/2021 - NA AMENDMENT NO. 1 TO THE BUSINESS INCENTIVE AGREEMENT BETWEEN
CORPUS CHRISTI B CORPORATION AND NEXT SPORTS COMPANY, LLC FOR
DEVELOPMENT OF A RECREATIONAL SPORTS COMPLEX
The CORPUS CHRISTI B CORPORATION, hereinafter referred to as the Corporation and NEXT
SPORTS COMPANY, LLC, hereinafter referred to as the Company, do hereby make and enter into
this amendment (the "Amendment") which, together with the Business Incentive Agreement, which was
approved by the Board of Directors of the Corporation on September 21, 2020 (the "Agreement") and
all other duly executed amendments, constitutes the entire agreement between the Corporation and
the Company.
I.
Section 3. Performance Requirements, paragraph g is hereby deleted in its entirety and
replaced with the following language:
"g. Company will complete construction of both Phase I and Phase II on or
before November 30, 2023."
II.
Section 3. Performance Requirements, paragraph h is hereby deleted in its entirety and
replaced with the following language:
"h. On or before May 21, 2021, Company must demonstrate to the
satisfaction of the City Manager that Company has full funding for
construction of Phase I, including all necessary public infrastructure.
Company must further demonstrate to the satisfaction of the City Manager
that Company has full funding for construction of Phase II, including all
necessary public infrastructure, on or before December 31 , 2022."
The Corporation and the City agree to and shall abide by all terms and conditions of the original
Agreement and any amendments to that Agreement, to the extent they are not in conflict with the terms
of this Amendment.
�.
APPROVED AS TO LEGAL FORM:
Scott H.rris D e
President ` /�
Corpus Christi Business and Job Development � tn,� �, 6L— l k r/Z.Lta
Corporatio Assistant City Attorney Date
I"atitii U///0/,2021
Dr. Kingsley Okonkwo Date l
Manager
Next Sports Company, LLC
SCANNED